The National Bank of Ukraine and an international foundation Aflatoun International (based in the Netherlands) have agreed to promote social and financial education of children and young people in Ukraine. The relevant Memorandum of Understanding (the Memorandum) was signed between the NBU and Aflatoun International in early September.
Aflatoun International will assist the NBU by:
- providing technical support and access to textbooks on social and financial education and curricula for children and young people
- sharing experience and knowledge in teaching financial literacy
- opportunities for adaptation and translation into Ukrainian of textbooks on social and financial education and curricula for children and young people.
The joint efforts aim to develop a sound financial culture among children and young people in Ukraine and increase their level of financial literacy. This requires the acquisition of certain knowledge, skills, abilities, attitudes, and behaviors that will allow a person to make their own informed financial decisions on a daily basis and, as a result, contribute to personal and national financial wellbeing.
As previously reported, improving the levels of financial literacy of Ukrainians is one of the NBU’s tasks. In September 2019, the NBU was authorized to promote financial literacy among the public.
A survey conducted by the USAID Financial Sector Transformation Project in cooperation with the NBU among Ukrainian adults in 2021 showed that 79% of Ukrainians want their children to study financial literacy at school. Children also support this kind of training. According to a survey conducted by the NBU among teenagers this year, 86% of them believe that it is necessary to talk about money at school, and that financial literacy training should start as early as kindergarten. Therefore, the NBU, in cooperation with the international foundation Aflatoun International, is planning to prepare educational programs and textbooks not only for schoolchildren but also for preschoolers.
«Financial habits and values should start to be shaped from an early age. The earlier children begin to learn about money, the easier it will be for them to make informed and effective financial decisions, which is the best way to achieve personal financial security in the future. Survey findings show that conversations about money matters are usually avoided in families, and many parents often find these conversations with their children uncomfortable or taboo. Teaching children financial literacy can instill in them values that go far beyond material relationships, such as generosity, care, curiosity, patience, and frugality. Signing the Memorandum will allow the NBU to systematize and reinforce the regulator’s efforts to improve financial literacy and take another important step towards raising the level of financial literacy of young people and, as a result, improve the financial wellbeing of Ukrainians in general,» said NBU Communications Department Director Yuliia Yevtushenko.
Aflatoun International is a global organization committed to empowering young people through social and financial education. With a focus on social and emotional learning, entrepreneurship, and financial literacy, Aflatoun equips children and youth with the skills and knowledge needed to become active global citizens. Since its inception in 2005, Aflatoun has reached over 10 million children in more than 100 countries, transforming lives and communities worldwide.